The Myth of Republican Fiscal Responsibility
we look at the Federal Budget. I put this graph together some time ago, so data are only though 2006.
More Recent Deficits:
2007 163 billion, in the range of mid '80's Reagan numbers.
2008 455 billion, which would be just off the bottom of the chart.
Notable Facts:
Before the last few decades, the only meaningful budget deficits were the result of wars.
Note that the "massive" Federal spending of FRD's New Deal scarcely registers as a squiggle.
Fiscally responsible Republican President Eisenhower is barely distinguishable from those "tax and spend" Democrats, Kennedy and Johnson.
Nixon/Ford continued to increase deficit spending after the Viet Nam war ended.
Carter stopped the bleeding, but could not reverse the trend.
Reagan’s Star Wars program coupled with supply-side (i.e. voodoo) economics brought new record deficits.
Clinton raised taxes, increased social programs, and brought in a surplus.
Bush 2 – see for yourself.
Obama - TBD.
8/27 Update: Krugman weighs in on the fiscal irresponsibility of the Bush II regime, and how the Bush legacy complicates and worsens the current situation.
Another 8/27 Update: Krugman explains, for the sake of dining room tables*, and others who are slow to comprehend.
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* A Barney Frank moment
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